AAA Bond Rating – Fiscally-Responsible Sandy City
When it comes to being financially solid, Sandy rivals any city in Utah, but we’ve just pushed that even further. Our city was just awarded the AAA rating by Standard and Poor’s (S&P) for sales tax revenue bonds, moving our AA+ rating a level higher. Sandy City is committed to using taxpayers’ dollars wisely while providing the high level of services that citizens deserve. The rating was achieved through the process of refinancing existing bonds for our storm water and golf operations, translating into more than $500,000 in savings over a ten-year period.
Sandy qualifies for better bond interest rates due to the city and its financial team gaining a bond rating of AAA from S&P. This all translates to efficiently financing city projects with the best-possible financial terms for taxpayers.
The City has received the Excellence in Financial Reporting award for the fiscal 2018 year, that being the 31st consecutive year the city has received this prestigious award. Additionally, we received the Distinguished Budget Presentation award for the 15th year in a row.
At the time of Sandy’s rating, only approximately 7% of cities throughout the nation have a AAA rating, according to S&P. There are only five Utah cities in addition to Sandy that carry this honor.